Maybank, CIMB cut BLR

MALAYAN Banking Bhd (Maybank) and CIMB Bank Bhd have cut their base lending rate (BLR) to 5.95% from 6.5% effective Feb 3.

Maybank said the revision took into account the reduction in the floor rate of the one and 12 months’ fixed deposits by 50 basis points and the reduction in overnight policy rate (OPR) by 75 basis points.

The base financing rate (BFR) of Maybank Islamic Bhd would similarly be revised downwards from 6.5% to 5.95% effective Feb 3.

The move was aimed at enabling borrowers to enjoy the immediate benefit from the overall lower cost of funding, Maybank added in a statement.

“The reduction in our lending rate is part of our commitment towards the creation of a more supportive monetary environment.

“Borrowers will enjoy immediate benefits as the interest rates of all their loans pegged to the bank’s BLR will be adjusted accordingly,” said president and chief executive officer Datuk Seri Abdul Wahid Omar.

Given the challenging business environment, the lower cost of funding would be a boon to borrowers and help in sustaining positive economic growth in the country.

Together with the earlier reduction in BLR and BFR by 25 basis points on Dec 1, the bank had to bear additional costs as deposit rates in general were not lowered by the same quantum as the lending rates, he added.

“Maybank and Maybank Islamic will nevertheless continue to play our part to assist customers manage their financial obligations in these times, including providing them with value-added advisory services,” he said.

The last revision in BLR and BFR of Maybank and Maybank Islamic respectively was on 1 December 2008 when the rates were reduced by 25 basis points to 6.5%.

Maybank and Maybank Islamic last revised their BLR and BFR respectively on Dec 1, 2008 when the rates were reduced by 25 basis points to 6.5%. - The Star

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